Independent Banker - December 2022 - 40

LESS THAN $250M
BANK OF MONTANA:
BREAKING THE MOLD
BY ROSHAN MCARTHUR
W
hen a community bank's
employees refer to it as " a
second family, " it speaks volumes,
and that's exactly what we heard
from the team at Bank of Montana
in Missoula, Mont. They describe
the bank's culture as one of hard
work but constant support-a place
where their voices are heard and their
achievements celebrated.
An entrepreneur with a background
in accounting and fi nance, CEO
and chairman of the board Thomas
Swenson set up Montana Business
Capital Corporation in 1998
with a focus on job creation and
economic development lending.
On Thanksgiving 2007, he founded
Bank of Montana, which now has one
branch and 13 employees.
Swenson's goal has been to
create a team of individuals who
can manage themselves but also
function well together. As a result,
the $246 million-asset community
bank intentionally has no tellers;
instead, everyone has a variety of
roles designed to give them a sense of
ownership. Dogs are welcome in the
workplace, and there's a steady supply
of snacks for any of the 11 children
of staff members who may happen to
stop by.
" We want to encourage family
involvement and strong relationships,
so we try to do things that refl ect that
in a tangible way, " Swenson says. " We
have health insurance that's 100%
paid by the bank, and we established
two funds that are designed to cover
Bank of Montana
Missoula, Mont.
Assets: $246 million
bankofmontana.com
the deductibles for family members,
kids, the full gamut. "
In fact, Bank of Montana is ranked
number one out of 38 banks in the
state for average salaries and benefi ts,
according to FFIEC data. The bank
issues time-of-need bonuses, extended
maternity and paternity leave, and
even sabbaticals.
Reasons to stay
Can Bank of Montana's success be replicated?
When asked what advice he has for other banks, CEO Tom
Swenson is quick to stress the unorthodox nature of his
community bank and that what works for his team may not apply to
others. " We're on the perfect path to exactly where we are, but I don't
know that I can repeat it, " he laughs.
Emilie Johnston, COO, believes investing in employees is key. " You've
heard the phrase 'The client comes first,' 'The client's always right'? " she
asks. " A lot of the time, they are, but a lot of the time, making sure your
employees are happy will make your clients happy.
" Tom is the majority shareholder of our holding company, " she adds,
" but he never refers to us as his employees. He always refers to us as
his coworkers. I think that simple verbiage change shows everyone that
they are an integral part of the team. "
" Once we've been here for 10 years,
we are awarded a three-month paid
sabbatical, " says Emilie Johnston,
chief operations offi cer. " Two of us
have gotten to take it so far. I took a
month, and my husband and I fi xed
up the house a little bit, and then
we did a West Coast trip and went
to Europe for a month. It was very
well spent! "
When asked how it feels to work
with a company that gives benefi ts
like that, she says, " I don't know if
there are words. I don't know how to
describe that feeling, honestly. But
you don't want to work anywhere
else, right? "
36 Q ICBA Independent Banker Q December 2022
http://www.bankofmontana.com
Independent Banker - December 2022

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